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Here’s What you Should Know About Sinking Aftermarket Stock of Phunware, Inc. (PHUN)

Phunware, Inc. (PHUN) is one of the leading companies which is engaged in managing and monetization different companies for mobile app portfolios globally. The products company of the company include Software Development Kits which allows the consumers to multitask such as content management, mobile engagement, advertising, messaging, location-based services, and data analytics.

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The price of PHUN stock during the regular trading on January 11, 2022, with a significant increase of 5.99% was $2.83. At last check in the aftermarket, the stock went down by 5.30%.

PHUN: Events and Happenings

On January 06, 2022, PHUN reported about its two recent strategic supplier relationships in view of a Consumer Electronics Show-inspired series of improved performance computers which was provided by the company’s LYTE technology business unit.

On December 23, 2021, PHUN reported about its partnership with PrimusTech for the integration and offering of its Smart Solutions on mobile applications. PrimusTech is an innovative Master System Integrator offering support to the digital transformation.

On December 09, 2021, PHUN reported about the acquisition of an additional 100 bitcoin for $4,975,000 in cash with an average per bitcoin price of $49,750. On November 23, 2021, PHUN reported about the availability of its Multiscreen-as-a-Service program in the Amazon Web Service Marketplace. AWS Marketplace is an online collection with numerous software inventories from independent vendors which help in testing, buying, and deploying software.

On November 19, 2021, PHUN reported about processing preliminary issuance of PhunCoin. It was available for trading solely on the initial blockchain-enabled transfer representative listed with the Securities and Exchange Commission known as Securitize.

PHUN: Key Financials

On November 11, 2021, PHUN reported its financial results for the third quarter ended September 30, 2021. Some of the key updates are as follows

Revenue and Assets

Net revenue for the third quarter of 2021 was $2.1 million compared to the same period of 2020 when it was $3.1 million. the revenue decreased over the year period. Total current assets of the company for Q3 2021 were $3.6 million.

Net Income/Loss per Share

Basic and diluted net income for Q3 2021 was $0.4 million or $0.01 per share in comparison to the same period prior year when the net loss was $8.5 million or $0.19 per share.

On November 04, 2021, PHUN reported that the company’s Executives presented at the two virtual investor conferences. They include the 10th Annual Roth Capital Technology & Inaugural AgTech Answers Event held on November 17 and 2021 Ladenburg Thalmann Technology Expo held on November 18, 2021.

Conclusion

PHUN stock boomed a phenomenal 131% in the past six months period despite the challenges faced by the industry due to pandemics. The current aftermarket decline is the outcome of a hostile market environment towards the stock. Although the company announced recent, high-level collaborations with leading firms yet the stock is lagging behind. The analysts are optimistic that the company has the potential to attract potential investors.

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